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Quarterly Financial Data (Unaudited) | 12 Months Ended
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Dec. 31, 2023
Quarterly Financial Data (Unaudited) |
Quarterly Financial Data (Unaudited) | Note 20 – Quarterly Financial Data (Unaudited) The following is a summary of unaudited quarterly results of operations for the years ended December 31, 2023 and 2022:
|  | 2023 |
|  | March 31, |  |  | June 30, |  |  | September 30, |  |  | December 31, |  |  | Total |
Net premiums earned |  | $ | 28,254,953 |  |  | $ | 29,508,196 |  |  | $ | 27,938,318 |  |  | $ | 28,682,796 |  |  | $ | 114,384,263 |
Ceding commission revenue |  |  | 5,445,407 |  |  |  | 5,412,210 |  |  |  | 5,536,327 |  |  |  | 4,659,550 |  |  |  | 21,053,494 |
Net investment income |  |  | 1,541,492 |  |  |  | 1,451,356 |  |  |  | 1,444,360 |  |  |  | 1,571,474 |  |  |  | 6,008,682 |
Net gains (losses) on investments |  |  | 1,224,871 |  |  |  | 197,142 |  |  |  | (824,370 | ) |  |  | 1,536,911 |  |  |  | 2,134,554 |
Total revenues |  |  | 36,627,763 |  |  |  | 36,719,988 |  |  |  | 34,236,671 |  |  |  | 36,606,292 |  |  |  | 144,190,714 |
Loss and loss adjustment expenses |  |  | 25,039,410 |  |  |  | 19,580,702 |  |  |  | 21,932,453 |  |  |  | 16,296,645 |  |  |  | 82,849,210 |
Commission expense and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
other underwriting expenses |  |  | 15,411,381 |  |  |  | 15,154,820 |  |  |  | 14,529,055 |  |  |  | 14,179,335 |  |  |  | 59,274,591 |
Net (loss) income |  |  | (5,054,710 | ) |  |  | (522,017 | ) |  |  | (3,537,571 | ) |  |  | 2,945,952 |  |  |  | (6,168,346 | )
Basic (loss) earnings per share |  | $ | (0.47 | ) |  | $ | (0.05 | ) |  | $ | (0.33 | ) |  | $ | 0.27 |  |  | $ | (0.57 | )
Diluted (loss) earnings per share |  | $ | (0.47 | ) |  | $ | (0.05 | ) |  | $ | (0.33 | ) |  | $ | 0.26 |  |  | $ | (0.57 | )
|  | 2022 |
|  | March 31, |  |  | June 30, |  |  | September 30, |  |  | December 31, |  |  | Total |
Net premiums earned |  | $ | 26,673,380 |  |  | $ | 27,902,068 |  |  | $ | 29,360,976 |  |  | $ | 30,448,107 |  |  | $ | 114,384,531 |
Ceding commission revenue |  |  | 4,681,396 |  |  |  | 4,715,587 |  |  |  | 4,886,094 |  |  |  | 5,036,314 |  |  |  | 19,319,391 |
Net investment income |  |  | 1,359,100 |  |  |  | 634,325 |  |  |  | 1,418,521 |  |  |  | 1,524,832 |  |  |  | 4,936,778 |
Net losses on investments |  |  | (4,398,405 | ) |  |  | (4,517,373 | ) |  |  | (397,658 | ) |  |  | (78,429 | ) |  |  | (9,391,865 | )
Total revenues |  |  | 28,551,295 |  |  |  | 28,979,250 |  |  |  | 35,537,635 |  |  |  | 37,091,110 |  |  |  | 130,159,290 |
Loss and loss adjustment expenses |  |  | 22,941,198 |  |  |  | 18,656,041 |  |  |  | 22,027,516 |  |  |  | 24,765,287 |  |  |  | 88,390,042 |
Commission expense and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
other underwriting expenses |  |  | 15,167,035 |  |  |  | 15,106,028 |  |  |  | 15,978,291 |  |  |  | 15,027,269 |  |  |  | 61,278,623 |
Net loss |  |  | (9,197,532 | ) |  |  | (5,379,619 | ) |  |  | (3,997,621 | ) |  |  | (3,950,022 | ) |  |  | (22,524,794 | )
Basic loss per share |  | $ | (0.87 | ) |  | $ | (0.51 | ) |  | $ | (0.38 | ) |  | $ | (0.37 | ) |  | $ | (2.12 | )
Diluted loss per share |  | $ | (0.87 | ) |  | $ | (0.51 | ) |  | $ | (0.38 | ) |  | $ | (0.37 | ) |  | $ | (2.12 | )
Due to changes in number of shares outstanding from quarter to quarter, the total earnings per share of the four quarters may not necessarily equal the total earnings per share for the year.

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